Q&A: SONIA ESTREICH
CEO of Branding, Marketing and PR Consultancy Stretch Ink, LLC
A small business can be quite challenging. How do you determine who to work with?
My business model involves putting together teams of professionals, most of them running their own firms as well, to work on specific projects. I rely on people I’ve worked with in the past, whom I trust, and referrals from people I know well. I also enjoy working with new talent, because people recently out of school often have fresh ideas. It’s mostly about talking to the people you trust and taking it from there.
What sort of clients do you seek out and work with?
I work mostly with start-ups and small and growing businesses. I’m attracted to this group because I can relate to them. I started my own solo law practice in 1991 and Stretch Ink in 2007.
Many professionals and business owners often pay less attention than they should to branding and marketing because they don’t know much about them. They devote minimal resources and end up with brochures, websites and other marketing tools they don’t really like and that don’t do much for them. Or, they get the same results by throwing money at various consultants without giving proper thought and attention to what they are doing and why – the long term picture. Stretch Ink’s mission is to start things out right or set a business on a better path to success.
You have said that early in your career you found women to be competitive with each other, rather than collaborative. Now, we’re recognizing that collaboration is key. As an entrepreneur, how do you balance competition and collaboration?
I’m a collaborative person and have always worked that way. And fortunately, times have really changed. When I started out as a young lawyer in the ’80s, women were struggling for recognition in a man’s world. Many thought they had to fight for success (and they did). In my experience, women mentors were hard to find. There were few women partners, and it sometimes felt that I was unnecessary additional competition.
Since then, women’s professional groups, a dramatic increase in women in business and other factors have given women the confidence to not only rely on each other in business, but to support each other in achieving success through networking, referrals and, very important, mentoring.
How soon did you start to get a return on your initial investment?
I had a number of clients within several months, but because I was a new business facing the beginning of the economic crisis, I offered my work at significantly reduced rates. In retrospect, I don’t think that was the best approach. If I could begin over again, I would have been more confident that businesses were willing to pay reasonable fees for high quality services. The upside is I built a handsome portfolio. To people starting new businesses, I say do your research, evaluate your services and/or products, get your branding in place and make sure you’re providing top-notch services, but don’t shortchange yourself, even in tough economic times. That’s why market research, a business plan and trusted professional advisors are so valuable.
What kind of legal advice would you give?
Even though I’m an attorney, I’m in the marketing business now. So I would say…consult an attorney! It’s smart money to spend when you begin your business, because developing relationships with an attorney, an accountant, your local small business banking advisor and other professionals will give you the proper foundation for your small business.
